By Bizodisha Bureau, Bhubaneswar, June 29, 2019: Odisha’s gross state domestic product (GSDP) grew by 8.4 per cent during 2018-19 compared to 7.4 per cent in previous financial year, according to the Odisha Economic Survey for 2018-19.

The Survey highlights that Odisha has grown at a faster rate than states like Haryana, Punjab, Kerala, Chhattisgarh, Madhya Pradesh, Maharashtra and Jharkhand.

The survey indicates a structural shift has happened in the state’s economy during recent years. The services sector with 41.6 per cent contribution to the GSDP in 2018-19 has overtaken other sectors as a major driver of the state’s economy. It has been responsible lately for throwing up opportunities for employment of educated youth.

The services sector is followed by the industries sector having a contribution of 39.5 per cent. While the manufacturing sector utilises the natural resources the state is endowed with, a steady pace of industrialisation has positive implications for employment generation.

However, the share of agriculture sector continues to decline, the survey said. Consistent with national scenario, this trend has impacts in income level of a large number of agrarian families dependent on agriculture thus necessitates state intervention.
To boost the farmers’ income and to step up rural income, the state government has launched a progressive farmers welfare scheme with an outlay of Rs 10,180 crore for three years. To enhance irrigation potential and public investment in the sector, the allocation of Rs 2,076 crore in 2007-08 increased to Rs 9,216 crore in 2017-18.

The survey said the thrust in future will be on crop diversification and expansion of food processing industries. Public investment at high level will have to be sustained. Management of water resources too will need to be optimised. The average monthly household income in agriculture increased to Rs 7,731 in 2016-17 from Rs 4,976 in 2012-13.

On the other hand, institutional mechanisms are in place for addressing implementation level hurdles and according timely approvals and clearances. This has fast-tracked investments in public infrastructures like highways, railways and power transmission.

For empowerment of women, Odisha created six lakh self-help groups covering 70 lakh women. The Mission Shakti has been not only socially emancipating but also several interventions have led to a variety of remunerative economic activities lending financial heft to them.